Obama administration's latest attempt to stem the housing crisis
NEW YORK - In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.
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7 comments:
Whom does it help to refinance...when the fees are over $10,000.00 for refinancing a Mortgage of $200,000.00 NOT ME
Wonderful. Now I have to pay for even more deadbeats and their irresponsible debt.
3:13 I disagree to the point that as long as people owe more on their homes than it is worth then the home market will stay stagnate. If it is done properly it should stimulate the economy. If you can't sell your home you can't buy another.
5:28
You ignorance of economics is frightening!
When the government gets out of the free market, then the market will correct itself.
As long as Obama keeps tampering with the free market, it will just prolong the misery!
Eventually us working people will run out of money. Then what will they do?
i agree something needs to be done.not all homeowners are looking at this because they cant afford their homes.if you arent made of money try filing a law suit against a real estate company because you feel like you were sold a "LEMON" for a house. its not easy at all . you cant find a local lawyer to help you and if you get one from out of town most want about $6000 just to talk to you to see if you have a case. well i know i have a case. the real estate company has offered to pay for half of the problems that are wrong with the house.ok so why should i have to pay the other half.i shouldnt.if i knew the house had these problems i would have never purchased it.and yes i had a home inspection done,they are only worth the value you pay and its only an opinion.so i dont want a house thats is going to cost me more than it will be worth in the long run.so if anyone out there in the world of no it all has an answer let me know,and dont always assume its some lazy a$$ person who dont want to pay thier bills.
Thank you 6:57 for asking that others not assume that because someone is losing their home it's because they don't want to pay for it. I LOVED my home and have been removed from work due to my illness and haven't any money to rectify the situation. And the sum they are offering to pay is $3,000 and is called a relocation assistance payment. It's all very heartbreaking.
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